Digi will redeem its bonds worth 450 million euros

A.I.
English Section / 17 septembrie

Digi will redeem its bonds worth 450 million euros

Versiunea în limba română

In June, Digi accessed a credit facility worth 150 million euros, with the aim of repaying part of the group's bonds

The subsidiary in our country of Digi Communications (DIGI) has exercised its right to redeem the senior guaranteed bonds due in 2025, in the principal amount of 450 million euros, according to a report of the telecommunications operator published yesterday on the website Bucharest Stock Exchange (BVB).

According to the stock exchange document, Digi exercised its right to redeem the bonds for September 27, 2024. "The redemption price of the bonds is 100% of the principal value of the securities to be redeemed, plus accrued and unpaid interest from the date of August 5, 2024 up to (but not including) the redemption date, and additional amounts, if any," the report said.

Unless the issuer fails to fulfill its obligation to make the redemption payment, interest on the bonds will stop accruing starting from the redemption date, i.e. September 27, 2024, the BVB document also states. It also states that the company's obligation to redeem the bonds is subject to a financing condition, which has already been met. The BVB report shows that the bond interest rate is 2.5% per year.

In June, ING Bank announced that it supported Digi Romania and Digi Communications, the parent company of the telecommunications operator, in arranging a credit facility worth 150 million euros, for a period of three years from the first use. The money will be used to repay the group's bonds, worth 450 million euros, due in 2025.

Digi Communications' stock has seen a strong rally this year amid a flurry of events. At the beginning of April, the issuer announced the sale by Digi Spain of an optical fiber internet network for a price of up to 750 million euros. The company will invest the sums resulting from the transaction also in Spain, its second market after Romania, including to take over spectrum worth 120 million euros. Then, in mid-May, our capital market operator announced that Digi Communications shares were to be included in the MSCI Frontier and MSCI Romania indices, starting in June. For the second quarter of the year, Digi reported revenues of 472.8 million euros, 14.1% higher than in the second quarter of last year, while net profit amounted to 28.8 million euros. euro, increasing by 80%.

Digi Communications is among the favorites of Pillar II pension funds. At the end of July, six of the seven funds had shares of the telecommunications operator. In total, the funds had almost 13.6 million DIGI shares, equivalent to 38.3% of class B shares, listed on the Bucharest Stock Exchange. The stock market valuation of the telecommunications operator exceeds 6.5 billion lei.

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